Karl Polanyi on Economy and Society: : A Critical Analysis of Core Concepts
Citation: Hodgson , G 2017 , ' Karl Polanyi on Economy and Society: : A Critical Analysis of Core Concepts ' Review of Social Economy , vol 75 , no. 1 , pp. 1-25 . DOI: 10.1080/00346764.2016.1171385
This journal highlights the social aspects of economic activity. Yet the nature of the ‘social’ and the ‘economic’ are more problematic than often assumed. This article probes Karl Polanyi’s depiction of the relationship between the ‘social’ and the ‘economic’ and the notion of ‘embeddedness.’ In his Great Transformation (1944) Polanyi associated the ‘economic’ with motives of material gain, while ‘social’ referred to norms of reciprocity and redistribution: his distinction underlined different kinds of motivation. But in a 1957 essay he addressed different kinds of institutions that engender different motives. Polanyi (1944) argued that after 1800 Britain was transformed into a market-oriented ‘economic’ system, based on greed and material gain. He also believed that an effective market system would be ‘self-adjusting’ and free of political interference, despite his important additional claim that the state was involved in its creation. Some of Polanyi’s core concepts and arguments are contradictory and problematic, and need to be reconsidered.
This is an Accepted Manuscript of an article published by Taylor & Francis in Review of Social Economy on 2 January 2017, available online: http://www.tandfonline.com/doi/full/10.1080/00346764.2016.1171385.
This item appears in the following Collection(s)
Your requested file is now available for download. You may start your download by selecting the following link: test